Fed Adopts Rules Blocking Overdraft Fees - The Federal Reserve approved rules that will prohibit financial institutions from charging consumers fees for paying overdrafts on ATM or one-time debit card transactions unless a consumer agrees to the protection first. Most consumers automatically receive overdraft protection currently, and many are charged fees as high as $35 per overdraft transaction. With the changes, consumers will be unable to withdraw funds from an ATM machine if they have a zero balance and have opted out of the overdraft protection. According to studies by the Fed, most consumers prefer not to be enrolled in overdraft services for ATM and one-time debit card transactions. The rule takes effect August 15 for consumers that have existing accounts and choose to opt out of the protection and July 1 for new accounts.

Initial Jobless Claims Fall 12,000 - The Labor Department reported that initial claims for state unemployment benefits fell by 12,000 to a seasonally adjusted 502,000. Initial jobless claims have been above 500,000 for 52 straight weeks. Continuing state claims declined 139,000 to a seasonally adjusted 5.63 million which is the lowest report since March.

Oil Falls After Data - The Energy Information Administration (EIA) reported that crude oil inventories rose last week by 1.8 million barrels on weakened demand, and oil futures feel in response to about $77.50 a barrel. Gasoline inventories rose 2.5 million barrels and distillate stockpiles added 300,000 barrels. According to the EIA, demand for gasoline dropped 1.9% from a week ago to 8.8 million barrels a day.

Freight Index Declines - The Bureau of Transportation Statistics reported that the freight traffic within the US fell 0.5% in September following three straight months of gains. The Freight TSI index, which measures changes in freight shipments in ton-miles, was 95.7.

About Us

Rollins Financial, Inc. is an SEC registered investment advisory firm that was established in Atlanta, Georgia in 1990 by Joseph ("Joe") R. Rollins. Joe along with partners Robert ("Robby") E. Schultz, III and Edward ("Eddie") J. Wilcox offer independent investment management services for individuals, small businesses and
corporations.

Rollins Financial employs various investment strategies depending on the specific objectives of each client. Our independence insures that we are able to provide the most objective investment advice since we receive no compensation from any third parties.

Important Disclosures

The information provided on the Rollins Financial Blog is for general informational purposes only and is not intended to be a substitute for specific individualized tax, legal or investment planning advice. The type of securities and investment strategies mentioned may not be suitable for everyone. Each investor should review a security transaction and investment strategy for his or her own particular situation. Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Where specific advice is necessary or appropriate, consult a qualified tax advisor, CPA, financial planner or investment manager.